SEOUL, Oct. 10 (Xinhua) -- Samsung Display, a display panel-making unit of Samsung Electronics, the South Korean tech behemoth, planned to invest 13.1 trillion won (11 billion U.S. dollars) in next-generation display panel projects by 2025, the presidential Blue House said Thursday.
South Korean President Moon Jae-in attended the signing ceremony of a deal between Samsung Display and local governments, held at a Samsung factory in Asan, South Chungcheong province, about 90 km south of Seoul.
It was attended by lawmakers, local government officials and ministers as well as Samsung Electronics Vice Chairman Lee Jae-yong, a de-facto leader of Samsung Group, the country's biggest family-run conglomerate, who announced the long-term investment plan.
Under the deal, Samsung will invest 10 trillion won (8.4 billion U.S. dollars) in revamping its existing LCD production line and 3.1 trillion won (1.6 billion U.S. dollars) in research and development (R&D) for the next-generation display panels by 2025.
Samsung aimed to shift a part of its liquid crystal display (LCD) production facilities into a more advanced quantum dot (QD) display line that requires a converging technology of quantum dot materials and organic, inorganic light-emitting materials.
Display panel makers have been struggling to overcome fiercer competition and weaker demand for LCD panels.
Samsung's archrival LG Display unveiled a plan in July to invest 3 trillion won (2.5 billion U.S. dollars) in production facilities of the organic light-emitting diode (OLED) panel.
President Moon vowed a bold support for the next-generation display panel development during his speech at the ceremony, saying the government will offer 400 billion won (335 million U.S. dollars) for the next-generation display R&D for the next seven years.
